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Personal services · Consumer Cyclical · Fiscal year ends Dec 31
Bright Horizons Family Solutions reported revenue of $2.9B in the fiscal year ended Dec 2025, up 9.2% from the year before. Operating income was $315M, an operating margin of 10.7%, and net income was $193M. Operating cash flow of $351M less capital expenditure of $92M left free cash flow of $259M. Net debt was $608M.
Ranks among the 4 personal services companies we cover (1st = best; for debt, the least indebted). Green = top third, red = bottom third.
Last 5 fiscal years
| Fiscal year | Dec 2021 | Dec 2022 | Dec 2023 | Dec 2024 | Dec 2025 |
|---|---|---|---|---|---|
| Revenue | 1,755 | 2,020 | 2,418 | 2,686 | 2,934 |
| Cost of revenue | 1,340 | 1,542 | 1,887 | 2,066 | 2,236 |
| Gross profit | 415 | 479 | 532 | 620 | 697 |
| Selling, general & admin | 257 | 289 | 327 | 355 | 376 |
| Operating income | 129 | 158 | 171 | 247 | 315 |
| Net interest incomeBanks | −36.1 | −39.5 | −51.6 | – | – |
| Interest expense | – | 39.5 | 51.6 | 48.8 | 44.8 |
| Pre-tax income | 90.3 | 112 | 120 | 198 | 270 |
| Income tax | 19.9 | 31.5 | 45.4 | 57.7 | 76.8 |
| Net income | 70.5 | 80.6 | 74.2 | 140 | 193 |
| Diluted EPS | 1.15 | 1.37 | 1.28 | 2.40 | 3.36 |
| Diluted shares | 60.9 | 58.5 | 57.9 | 58.5 | 57.4 |
| Fiscal year | Dec 2021 | Dec 2022 | Dec 2023 | Dec 2024 | Dec 2025 |
|---|---|---|---|---|---|
| Cash & equivalents | 261 | 36.2 | 71.6 | 110 | 140 |
| Receivables | 211 | 217 | 282 | 283 | 294 |
| Current assets | 540 | 348 | 447 | 496 | 504 |
| Net PP&E | 598 | 571 | 579 | 573 | 574 |
| Goodwill | 1,482 | 1,728 | 1,786 | 1,763 | 1,824 |
| Total assets | 3,640 | 3,799 | 3,896 | 3,850 | 3,890 |
| Payables | 8.5 | 24.6 | 24.8 | 32.8 | 27.9 |
| Deferred revenue | 258 | 223 | 273 | 305 | 331 |
| Current liabilities | 622 | 786 | 799 | 779 | 966 |
| Short-term debt | 16.0 | 16.0 | 18.5 | 28.5 | 0.0 |
| Long-term debt | 976 | 962 | 944 | 918 | 748 |
| Total liabilities | 2,461 | 2,718 | 2,683 | 2,572 | 2,550 |
| Shareholders' equity | 1,179 | 1,080 | 1,213 | 1,278 | 1,339 |
| Fiscal year | Dec 2021 | Dec 2022 | Dec 2023 | Dec 2024 | Dec 2025 |
|---|---|---|---|---|---|
| Operating cash flow | 227 | 188 | 256 | 337 | 351 |
| Capital expenditure | 63.5 | 70.6 | 91.0 | 97.3 | 92.2 |
| Free cash flow | 164 | 118 | 165 | 240 | 259 |
| Depreciation & amortisation | 109 | 106 | 111 | 97.9 | 93.4 |
| Stock-based compensation | 23.1 | 28.1 | 28.8 | 33.6 | 30.6 |
| Acquisitions | 53.9 | 210 | 39.6 | 8.3 | 6.8 |
| Share buybacks | 214 | 183 | 0.0 | 84.6 | 225 |
| Fiscal year | Dec 2021 | Dec 2022 | Dec 2023 | Dec 2024 | Dec 2025 |
|---|---|---|---|---|---|
| Revenue growth (YoY) | – | 15.1% | 19.7% | 11.1% | 9.2% |
| Operating income growth (YoY) | – | 22.1% | 8.7% | 44.0% | 27.6% |
| EPS growth (YoY) | – | 19.1% | −6.6% | 87.5% | 40.0% |
| Gross margin | 23.6% | 23.7% | 22.0% | 23.1% | 23.8% |
| Operating margin | 7.4% | 7.8% | 7.1% | 9.2% | 10.7% |
| Net margin | 4.0% | 4.0% | 3.1% | 5.2% | 6.6% |
| Return on equityBlank when equity is negative | 6.0% | 7.5% | 6.1% | 11.0% | 14.4% |
| ROCEEBIT ÷ (assets − current liabilities) | 4.3% | 5.2% | 5.5% | 8.0% | 10.8% |
| Free cash flow margin | 9.3% | 5.8% | 6.8% | 8.9% | 8.8% |
| Cash conversion (CFO ÷ net income) | 3.23x | 2.34x | 3.45x | 2.41x | 1.82x |
| Receivable days | 44 | 39 | 43 | 39 | 37 |
| Payable days | 2 | 6 | 5 | 6 | 5 |
| Interest cover | – | 3.99x | 3.32x | 5.06x | 7.03x |
| Debt ÷ equity | 0.84x | 0.90x | 0.79x | 0.74x | 0.56x |
| Net debtDebt − cash & equivalents; excludes investments; negative = net cash | 731 | 941 | 891 | 837 | 608 |
| Current ratio | 0.87x | 0.44x | 0.56x | 0.64x | 0.52x |
Standardised figures from the company's XBRL filings with the SEC (10-K, 10-Q). Line items follow US GAAP tags, so a company's own statement layout may differ and some lines show “–” where the company does not report that item. Ratios are calculated from these figures. For education only; not investment advice or a recommendation.